The European Steel Association (EUROFER) stated that the energy and carbon price of more than €80 will undermine the EU's decarbonization project of steel industries.

The natural gas and electricity prices hiked by 4-5 times compared to last year. Besides, the carbon price also rocketed to €80-90, which has significantly impacted electricity prices.

The additional direct cost of carbon was expected to reach €14 billion in the steel industry by 2030. If the steel industry could reduce its emission by 30% by 2030 through the proposed clean technology investment of nearly €25 billion, energy costs would be possibly cut down to €8.4 billion.

Currently, EUROFER is still appealing to the EU leaders for adopting cost-effective measures to achieve climate goals.